Segment Information

12 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Information

19. Segment Information

We present three reportable segments as follows:

Chamberlain – This segment includes the operations of Chamberlain, which offers degree and certificate programs in the nursing and health professions postsecondary education industry.

Walden – This segment includes the operations of Walden, which offers degree and certificate programs, including those in nursing, education, counseling, business, information technology, psychology, public health, social work and human services, public administration and public policy, and criminal justice.

Medical and Veterinary – This segment includes the operations of AUC, RUSM, and RUSVM, collectively referred to as the “medical and veterinary schools,” which offers degree and certificate programs in the medical and veterinary postsecondary education industry.

These segments are consistent with the method by which Adtalem’s Chief Operating Decision Maker (“CODM”) evaluates performance and allocates resources. Adtalem’s CODM is our Chief Executive Officer. Our measure of segment profitability utilized by our CODM is adjusted operating income. Our CODM uses this measure to assess the operating results and performance of our segments, perform analytical comparisons to budget, and allocate resources to each segment during monthly operating reviews and annual budget process. Adjusted operating income excludes Home Office expense, restructuring expense, business integration expense, amortization of acquired intangible assets, litigation reserve, asset impairments, strategic advisory costs, loss on assets held for sale, debt modification costs, and gain on sale of assets because these are not associated with the ongoing operations of the segments. “Home Office” includes activities not allocated to a reportable segment and is included to reconcile segment results to the Consolidated Financial Statements. Total assets by segment is not presented as our CODM does not review or allocate resources based on segment assets. The

accounting policies of the segments are the same as those described in Note 2 “Summary of Significant Accounting Policies.”

Summary financial information by reportable segment is as follows (in thousands):

	Year Ended June 30,
	2025		2024		2023
Revenue:
Chamberlain	$	725,774	$	633,522	$	571,034
Walden		693,430		595,332		533,725
Medical and Veterinary		369,086		355,798		346,067
Total consolidated revenue	$	1,788,290	$	1,584,652	$	1,450,826
Cost of educational services:
Chamberlain	$	321,769	$	277,215	$	248,727
Walden		240,084		221,110		199,625
Medical and Veterinary		209,577		200,223		200,134
Other segment expenses(1):
Chamberlain	$	250,638	$	218,507	$	186,804
Walden		269,765		243,675		223,736
Medical and Veterinary		90,257		84,068		78,597
Adjusted operating income:
Chamberlain	$	153,367	$	137,800	$	135,503
Walden		183,581		130,547		110,364
Medical and Veterinary		69,252		71,507		67,336
Total segment adjusted operating income		406,200		339,854		313,203
Reconciliation to Consolidated Financial Statements:
Home Office expense		(36,030)		(31,076)		(25,633)
Restructuring expense		(3,314)		(1,870)		(18,817)
Business integration expense		—		(34,215)		(42,661)
Amortization of acquired intangible assets:		(11,220)		(35,644)		(61,239)
Litigation reserve		5,550		(18,500)		(10,000)
Asset impairments		(6,442)		—		—
Strategic advisory costs		(12,000)		—		—
Loss on assets held for sale		(490)		(647)		—
Debt modification costs		(712)		(848)		—
Gain on sale of assets		—		—		13,317
Total consolidated operating income		341,542		217,054		168,170
Interest expense		(52,318)		(63,659)		(63,100)
Other income, net		9,290		10,542		6,965
Total consolidated income from continuing operations before income taxes	$	298,514	$	163,937	$	112,035
Depreciation:
Chamberlain	$	21,687	$	18,752	$	17,175
Walden		7,421		7,389		9,419
Medical and Veterinary		10,853		11,983		12,438
Home Office		741		1,552		2,344
Total consolidated depreciation	$	40,702	$	39,676	$	41,376
Amortization of acquired intangible assets:
Walden	$	11,220	$	35,644	$	61,239
Total consolidated amortization of acquired intangible assets	$	11,220	$	35,644	$	61,239

(1) Other segment expenses for each reportable segment include student services and administrative related expenses.

Adtalem conducts its educational operations in the U.S., Barbados, St. Kitts, and St. Maarten. Revenue and long-lived assets by geographic area are as follows (in thousands):

	Year Ended June 30,
	2025		2024		2023
Revenue by geographic area:
Domestic operations	$	1,419,204	$	1,228,854	$	1,104,759
Barbados, St. Kitts, and St. Maarten		369,086		355,798		346,067
Total consolidated revenue	$	1,788,290	$	1,584,652	$	1,450,826

	June 30,
	2025		2024
Long-lived assets by geographic area:
Domestic operations	$	308,190	$	283,597
Barbados, St. Kitts, and St. Maarten		139,135		149,507
Total consolidated long-lived assets	$	447,325	$	433,104

No one customer accounted for more than 10% of Adtalem’s consolidated revenue for all periods presented.